Bakkt (NYSE:BKKT) Announces Earnings Results

Bakkt (NYSE:BKKT) issued its earnings results on Monday. The company reported $1.94 EPS for the quarter, beating analysts’ consensus estimates of $0.03 by $1.91, FiscalAI reports. The business had revenue of $170.15 million during the quarter, compared to analyst estimates of $373.27 million. Bakkt had a negative return on equity of 54.97% and a negative net margin of 2.80%.

Here are the key takeaways from Bakkt’s conference call:

• Bakkt maintained its approximately $2.5 billion 2026 Total Transacting Volume target, despite first-half TTV of about $410 million and lower trading activity in the second quarter. Management expects payments and client activations to drive a substantial second-half acceleration.
• The company reported $80.8 million in GAAP net income and ended the quarter with $50.7 million in cash and restricted cash, no long-term debt, and six live commercial offerings following the DTR integration.
• Management expects to reach adjusted EBITDA break-even during the fourth quarter of 2026, supported by anticipated operating leverage as client activations and transaction volumes scale, although the timing depends on the pace and size of those activations.
• Bakkt Agent’s embedded-finance offering is available for partner integration, while co-branded cards and Neobank-as-a-Service are targeted for the fourth quarter; management set an initial goal of approximately 25,000 year-end monthly active users, but meaningful Agent activity has not yet begun.
• Second-quarter TTV was pressured by lower trading activity, and achieving the full-year target requires a significant ramp in the second half. The company also cautioned that TTV is not equivalent to revenue because margins vary widely by product, ranging from a few basis points on some stablecoin flows to substantially higher margins on cross-border payments.

Bakkt Price Performance

Shares of Bakkt stock traded down $0.15 during trading hours on Wednesday, hitting $7.22. 287,557 shares of the company’s stock traded hands, compared to its average volume of 1,493,815. The stock has a market capitalization of $322.23 million, a price-to-earnings ratio of -5.28 and a beta of 5.91. Bakkt has a 12-month low of $6.75 and a 12-month high of $49.79. The company has a fifty day simple moving average of $8.08 and a 200-day simple moving average of $9.24.

Insiders Place Their Bets

In related news, Director Michael Alfred purchased 365,000 shares of Bakkt stock in a transaction that occurred on Friday, May 15th. The stock was bought at an average price of $8.34 per share, for a total transaction of $3,044,100.00. Following the completion of the transaction, the director owned 405,000 shares in the company, valued at $3,377,700. This represents a 912.50% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders have bought a total of 865,000 shares of company stock worth $7,018,900 in the last three months. 10.05% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Bakkt

Several institutional investors and hedge funds have recently bought and sold shares of the company. CI Investments Inc. bought a new stake in Bakkt in the 4th quarter valued at about $102,000. MetLife Investment Management LLC bought a new position in Bakkt during the fourth quarter worth about $82,000. New York State Common Retirement Fund boosted its position in Bakkt by 187.5% during the fourth quarter. New York State Common Retirement Fund now owns 4,600 shares of the company’s stock worth $46,000 after purchasing an additional 3,000 shares during the period. Deutsche Bank AG increased its stake in shares of Bakkt by 116.2% in the fourth quarter. Deutsche Bank AG now owns 10,006 shares of the company’s stock worth $100,000 after purchasing an additional 5,378 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its stake in shares of Bakkt by 268.3% in the third quarter. BNP Paribas Financial Markets now owns 2,158 shares of the company’s stock worth $73,000 after purchasing an additional 1,572 shares in the last quarter. 11.11% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Weiss Ratings raised shares of Bakkt from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, July 2nd. Benchmark dropped their target price on Bakkt from $19.00 to $12.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, Wall Street Zen upgraded shares of Bakkt from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $12.00.

About Bakkt

Bakkt Holdings, Inc is a digital asset platform that aims to bridge traditional finance and digital assets by offering institutional-grade custody, trading and settlement services. Established in 2018 by Intercontinental Exchange (ICE), the company initially made headlines with the launch of its physically settled Bitcoin futures contracts in 2019. Since then, Bakkt has expanded its product lineup to include spot trading of cryptocurrencies, a secure digital wallet for retail customers and a payment gateway that enables merchants to accept digital assets alongside fiat currencies.

The company’s core offering centers on its custody infrastructure, which is built to meet robust regulatory and security standards.